If you’re thinking about selling your house in Utah, you’ve got great timing. The median sale price of a home in the state reached $521,500 in June 2022, according to the Utah Association of Realtors — a 24 percent increase in just one year.
Prices are high because inventory is low, and loads of people want to move here. In fact, according to a recent report from the Kem C. Gardner Institute, Utah gained 160 new residents a day every single day in 2021.
However, cashing in on the state’s seller’s market isn’t as simple as putting a “for sale” sign in your front yard. You’ll need to think about how much it costs to sell a house, when you should list and what your plans are once you find a buyer. Read on for a guide on getting ready to sell your house in Utah.
Are you ready to sell?
If you’ve loved the time you have spent in your home, you might be thinking about a tough question: Should you sell your house now or wait? There’s no easy answer, though. If you’re trying to sell while buying another home at the same time, you need to consider some worst-case scenarios — for example, what you will do if you find a buyer before you find a new home to buy. And if you want to relocate to a new city, you’ll want to crunch the numbers to understand whether your income will allow you to have a similar lifestyle in your new town (Bankrate’s cost of living calculator can help).
If you’re thinking about sitting on your home for a while longer in the hopes of seeing your property value skyrocket even higher, though, you might want to think again. Rising mortgage rates have been cooling off the housing market in many places around the country, so prices in Utah may not continue their upward trajectory for long.
Preparing to sell
If this is the right time for you to move on, be sure to consider these three key questions about your home’s condition before listing it.
1. Is it worth upgrading your home before you sell?
If you want to list your home within the next few months, it probably doesn’t make sense to start a major remodeling project. Between supply-chain issues and a labor shortage, most home-improvement efforts will take a lot longer than you might expect. Plus, they rarely recoup their full costs at resale. So, instead of tearing up your kitchen floor or installing a brand-new shower in the hopes of impressing buyers, think about smaller …….